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Analytics and Market news

Monday, 27 April 2020

Ukraine Weekly Market Monitor

Eavex Capital

Ukrainian equities listed in Kyiv came under pressure last week after official data showed a 7.7% YoY contraction in industrial output in the country in March. The machinery and metallurgical sectors had the worst performance, dropping by 17% and 16% respectively, which was balanced by a jump of 22% YoY in pharmaceutical production. Retail sales increased by 6.1% YoY last month, but this rise was down sharply from 15% YoY growth seen in February.

Quotes for CentrEnergo (CEEN) and DonbasEnergo (DOEN) fell by 4.0% and 3.7% respectively, with the former closing at UAH 7.20 after the Energy Ministry estimated that household debt for electricity stands at UAH 4.7bn. Rising non-payments amid the COVID quarantine could cause a systematic crisis in the Ukrainian energy sector. The country’s largest coal mine has already been forced to suspend extraction as thermal power stations stopped their purchases.

UkrNafta (UNAF) continued to suffer as result of the global turmoil on the crude oil market. The UNAF share price dropped by 7.0% to UAH 120, while Raiffeisen Bank Aval (BAVL) was flat at 33.00 kopecks.

In London trading, MHP (MHPC) decreased by 3.3% to USD 5.90 after the company reported a 4% YoY decline in its first-quarter poultry sales. Regal Petroleum (RPT) slipped by 2.2% to GBp 15.70 while Ferrexpo (FXPO) advanced by 4.9% to GBp 142.

Warsaw-listed Kernel (KER) declined by 6.2% to PLN 40.80, ignoring the company’s quite upbeat operational results for Jan-Mar. Astarta (AST) gave back 5.2% to PLN 11.80 after gaining 6.9% over the preceding week. On the upside, low-liquidity Agroton (AGT) added 5.8% to PLN 3.45.

On the interbank currency market, the hryvnia inched down 0.2% against the dollar to close at 27.14 UAH/USD. The National Bank’s decision to cut its key interest rate from 10.0% to 8.0% had no influence on the hryvnia, as market hryvnia rates remain elevated in the high teens due to the COVID uncertainty.

POLITICS AND ECONOMICS

- Saakashvili Set to Receive Gov’t Post as More Top Reformers Fired

STOCKS IN THE NEWS

- Kernel Boosts Grain Exports by 40% YoY to 2.2mn Tonnes in Jan-Mar

- MHP’s 1Q Poultry Sales Take Hit from January EU Suspension, Slip 4% YoY

full report

Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact our office in Kyiv at 380-44-590-5454, or by email:

Alexander Klymchuk, Head of Sales, a.klymchuk@eavex.com.ua
Dmitry Churin, Head of Research, d.churin@eavex.com.ua

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